As part of the new financing agreement, Ljung will step down from his duties as the company's CEO, but will remain as Chairman, and will be replaced Kerry Trainor, who was formerly CEO of video platform Vimeo.

Also joining SoundCloud will be former Vimeo COO Mike Weissman who will take up the same position at SoundCloud.

Speaking about stepping down as CEO, a reflective Alexander Ljung wrote: "After a decade of balancing the roles of Founder, CEO and Chairman I’m excited to hand the CEO reins over to Kerry to allow me to fully focus on the role of the Chairman and the long-term. This, I know, sets us up as an even greater team for the decade(s) to come."

On the company's future moving forward, Ljung bullishly wrote: "We’re all just getting started. The first 10 years are done, and now we’re onto decade II.

"SoundCloud, just like music, will continue to evolve, but importantly, both will always be a key part of life."